Norwegian pension fund, banks invest in polluting Indian steel mill

Foreign investors in India ignore green performance of industries

Over the past seven years or so, there has been a flurry of heavy industry projects in India. The many new greenfield and expansion projects lined up for clearance at the Union Ministry of Environment and Forests (MoEF) has left officials wondering about their massive capital expenditure plans and source of funding. A few of them have a track record of high pollution levels, too. A possible answer: easy money coming from foreign institutional investors (including pension funds) and renowned global banks—all seeking better returns on their investment.